Friday Funnel Focus by EPOCH Sales Management Solutions
The first New Opportunity Process Bucket, "Grow Existing Clients to Build a Healthy Sales Pipeline," is focused on maximizing revenue from your current client base.
Let’s pretend that you are an average golfer with little time to work on your game, but you would like to quickly improve your score. The most optimum way to improve your game in the easiest and quickest way is to improve your short game, right? Similarly in sales, growing existing clients is the easiest and quickest way to create more new quality opportunities in the shortest amount of time.
Let’s look at the key goals and takeaways when working on this new opportunity process bucket:
Prioritize Existing Clients:
Depending on your strategy, you may prioritize clients using different methods like the 80/20 Rule (focusing on the top 20% of clients that generate 80% of revenue), the ABCD Concept (segmenting clients into categories like A, B, C, and D based on their value), or identifying the Top 100 clients that are of utmost importance. These methods help you pinpoint the clients who contribute the most to your revenue or have the highest growth potential.
Know which clients have the most
growth potential at this time.
Build a Plan for Existing Account Sales Activity:
Create a strategic plan for engaging with existing clients to seek Cross Sell and Up Sell Opportunities. This involves identifying products or services that your clients may benefit from, which they haven't purchased yet (Up Sell), and identifying additional products or services that complement their existing purchases (Cross Sell).
Existing Account Sales Activities:
Regularly engage with existing clients through sales activities. This may include meetings, calls, emails, or other communication methods to discuss their needs, provide updates, and explore new opportunities.
Existing Account Sales Activity Goals:
The primary goal of existing account sales activities is to nurture and strengthen the relationship with your clients while identifying opportunities for growth. Contact frequency and connection frequency will vary depending on the industry, client preferences, and the specific client's needs. Some clients may require more frequent interactions, while others may prefer periodic reviews or updates. Business reviews or collaborative activities should align with the client's needs and preferences.
What is your primary growth goal with
each existing account?
Also, set your contact, connection and
business review frequency goals.
Seek Cross Sell and Up Sell Opportunities:
Actively look for opportunities to expand the services or products your existing clients are using. This can include discussing new features, complementary products, or upgrades that add value to their current setup.
Upselling Opportunities:
Upselling opportunities involve encouraging existing clients to spend more with your company. This can be achieved by offering higher-tier products, additional features, or complementary services. You might identify these opportunities through assessing your clients' evolving needs, industry trends, and your product or service offerings.
Cross-Selling Opportunities:
Cross-selling opportunities involve selling related or complementary products or services to your existing clients. For example, if a client is using one of your software products, you could cross-sell them a training or consulting service to maximize their use of the software.
Referrals:
Consider asking your existing clients for referrals. If they are satisfied with your products or services, they may be willing to recommend your company to others. Referrals can be a valuable source of new business opportunities.
It's essential to customize your approach for each client, taking into consideration their industry, business cycle, and unique requirements. Regular communication and feedback will help you better understand how often and in what manner you should engage with them to foster a successful and mutually beneficial partnership.
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